Posted on 04/04/2023 9:02:48 AM PDT by george76
Richard Branson’s Virgin Orbit Holdings (VORB.O) filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure.
The Long Beach, California-based company lodged the filing in the U.S. Bankruptcy Court for the District of Delaware seeking a sale of its assets after announcing the layoff of roughly 85% of its 750 employees last week.
“At this stage, we believe that the Chapter 11 process represents the best path forward
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Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson’s space tourism firm Virgin Galactic in 2017
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The company’s sixth mission in January with its centerpiece LauncherOne rocket, the first rocket launch out of Britain, failed to reach orbit and sent its payload of U.S. and UK intelligence satellites plunging into the ocean.
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Reuters reported last month that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Those talks collapsed.
The March 30 announcement of about 675 layoffs came as a result of “the company’s inability to secure meaningful funding,” Virgin Orbit said. Those layoffs are expected to be substantially complete by Monday.
Virgin Orbit at the time secured $10.7 million from Branson’s Virgin Investments Limited to fund severance for employees and other expenses tied to the layoffs, which it estimated would cost $15 million.
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Virgin Orbit had a market value of $65 million based on Monday’s closing price, down from more than $3 billion two years ago.
(Excerpt) Read more at nypost.com ...
Space is hard...and expensive
Doesn’t look like that goofball will ever be Elon Musk
I hate to see a venture into the space industry go belly up.
Value of $3 billion to $0 billion in two years.
And here I thought only the US government could destroy value at that pace.
Let’s get a group of FReepers to bid on it. Anyone have model rocket experience?
Will be the most exciting space event since Apollo 11 landing on the moon. HISTORIC, MONUMENTAL and EXHILARATING!
(SPACEX’ STARSHIP)
Manned? Took a quick look, saw at least 4 seats. But it was just a glance and my eyesight isn’t that good.
I never saw Branson as serious about any of this. Pictures of him create perception of rich playboy, not serious entrepenaur.
Last I saw was Starship might launch as early as this coming Monday or Tuesday...if fedgov will get off their asses and approve the launch permit.
Sounds like they need Rocket Surgery.............
Starship will separate from it's massive booster once in orbit and it will splash down off the coast of Hawaii. I'm not sure about the booster but it will probably also splash down off the southern coast of the U.S. I don't think Musk will attempt a tower catch of the booster as is the goal ultimately.
Starship's "..3, 2, 1, Ignition" will be NERVOUS TIME yet the most exciting moment since the moon landing.
Ha ha.
Just because you are a billionaire doesn’t mean you have to play all the billionaire games. Of course, Branson (or his lawyers and accountants) probably structured this thing so he had minimal downside.
Wonder what form of taxpayer-funded bailout this “essential business” will get. LOL 😡😖
poser
irgin Investments will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing, Virgin Orbit said Tuesday.
now business as usual.
Former NM Governor Bill Richardson built a spaceport out in the desert SE of TorC NM. Branson was the only one using it to launch a sub-orbital, up and down tourist ride. NM taxpayers likely will now pick up the cost for its upkeep.
Elon should buy it!
At $68 million it’s a steal.
“Let’s get a group of FReepers to bid on it.”
Market Cap 52.663M
From where will it launch?
I am in Florida and want to see one!!!
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